filed a letter of intent with the Boston Redevelopment Authority to
seek approval for a $1 Billion resort casino in East
Boston.
For those who enjoy gambling, there could soon be
250,000 square feet of gaming space added to the State of
Massachusetts. It has been at least a few years where there have
been consistent rumblings about a casino breaking ground at Suffolk
Downs. In fact, it was roughly two years ago when we reported on
this very news which all has to do with the Mayors East Boston
Redevelopment Project. As of now, nothing in terms of a massive
casino has truly come to fruition, although some positive strides
have recently been made.
Although not yet being selected by the States Gaming
Commission for the sole Eastern Massachusetts Casino License that
is up for grabs, Sterling Suffolk Racecourse LLC just sent a letter
of intent to the Boston Redevelopment Authority highlighting their
ambitious plans. What is envisioned is up to 250,000 square feet of
gaming space, 46,000 square feet of entertainment space, bars,
nightclubs and meeting rooms, 450 hotel rooms, 30,000 square feet
of retail space, and 5,160 parking spaces. All of this would be
constructed at 525 McClellan Highway and would see upwards of 6,600
slot machines grace this location which would cost roughly $1
Billion to build.
With plans as detailed and upscale as this, it seems
incredible to realize just how much strong competition there
actually exists that truly rivals this development. The Eastern
Massachusetts Casino License is also highly sought after by Las
Vegas casino mogul, Steve Wynn. Wynn has brought forth plans for a
$1.2 Billion project to the town of Everett, while Foxwoods have
also entered the race with a proposed $1 Billion, 660,000 square
foot casino in Milford.
Unfortunately for developers and gambling enthusiasts alike,
only one of these licenses is able to be given out at such a time.
The city of Boston last month actually just reported that it will
pay the host city of the winning casino $32 Million each year in
support with that number reaching $52 Million should the casino
earn an annual revenue of at least $1 Billion; which all have
claimed to do. According to Elaine Driscoll, a spokeswoman for the
Massachusetts Gaming Commission, all that the casino applicants
should be worrying themselves with now is to seek development
approval from the aforementioned communities, It will enhance an
application for a license if they done the minimum consistent with
local zoning. Of course, with plans of such magnitude it will
always be difficult to garner such approval from absolutely
everybody. Time will only tell which development shall win out, but
one thing is undeniable, all would dramatically boost the job
sector in the given area and will attract far more visitors, money,
and surrounding investment in the town itself.
More Information: Boston Business
Journal